Ann: Proposed issue of Securities - ICG, page-67

After re-reading and careful consideration I feel this placement has been handled well and capitalized on a situation that came somewhat unexpectedly.

All the below are big ticks for me

• The placement price (no discount)
• Intended uses of funds (progress Australian opportunities - very promising and with the capacity for further exploration activities to be co-funded by Gov - very efficient use of monies with potential for high return news flows)
• Level of dilution (minimal, its a placement and not a JV so we still own 100% of everything)
• Present risks to options conversions (namely delays in Peru permitting and planned drilling)

The way I understand the share structure now is as follows



I have included the new 9,333,333 options within each options category rather than list separately as I did with the OS new placement.

Flowing through to MC at various share prices it looks like this...



if we hit one (or do we dream ... multiple) Tier 1's the MC on this thing will be will be huge and we will all get the pay day we have been waiting so long for.

I think well done BOD on this one. Now lets go get this